Cab Aggregator Uber Secretly Plans an IPO

Soon after cab aggregator Lyft applied for nearly 2019 initial public offering, Uber is on the same path and the company issecretly planning to file for an IPO, marking the beginning of a race for thetwo ride-hailing giants to the stock markets.

Most recently,Uber’s private market valuation was a whopping $72 billion value. Founded in2009, Uber has raised a total of nearly $20 billion in a combination of debtand equity funding.

Uber’s currentchief executive officer Dara Khosrowshahi previously said he expected the company to completean IPO in mid-2019 but today’s news puts Uber on pace to debut in the firstquarter of next year.

“[Uber] has allthe disadvantage of being a public company, with the spotlight on us, with none of the advantages,” Khosrowshahi said.

The company sharedits thirdquarter financial results recently,with net losses up 32 percent quarter-over-quarter to $939 million on a proforma basis. The company was most recently valued at about $15billion. Its IPO will be underwritten by JPMorgan Chase and Credit SuisseJeffries.